Republic Financial : 02 May 2023 – Republic Financial Holdings Limited – Unaudited Financial Highlights for the 2nd Quarter ended March 31st, 2023

REPUBLIC FINANCIAL HOLDINGS LIMITED
CONSOLIDATED FINANCIAL HIGHLIGHTS
	UNAUDITED	UNAUDITED	AUDITED
	THREE MONTHS	SIX MONTHS	YEAR
	ENDED	ENDED		ENDED
	Mar-31-23Mar-31-22	Mar-31-23	Mar-31-22	Sept-30-22
	$'000	$'000	$'000	$'000	$'000
Profit before taxation	635,115	529,172	1,206,000	1,105,950	2,335,097
Profit after taxation	457,537	368,388	864,500	800,761	1,683,886
Profit attributable to shareholders	386,549	332,870	786,776	728,737	1,525,894
Assets			114,101,989	113,341,773	110,977,703
Advances			58,465,263	55,998,144	56,829,415
Investment securities			20,435,515	21,096,020	19,953,780
Deposits and other funding instruments			95,111,787	94,704,321	92,048,120
Stated capital			925,305	901,457	912,693
Equity attributable to equity holders of the parent			12,309,255	11,942,138	12,239,242
Information per share
Earnings per share			$4.83	$4.48	$9.37
Dividends based on the results of the period			$1.10	$1.05	$4.50
Number of shares - average ('000)			163,004	162,673	162,928

Chairman's Comments

The half year ended March 31, 2023 was a solid period for the Republic Financial Holdings Limited Group (the Group). Throughout the six months, all Group subsidiaries recorded improved growth in their loans and investments portfolios fuelled by increases in customer deposits. As a result of this growth, our subsidiaries recorded increases in net interest income, enhanced, in part, by the impact of the rising interest rate environment on US dollar denominated securities in our Cayman Islands and British Virgin Islands (BVI) operations. Non-interest income has also been boosted by increased activity in our tourism-based subsidiaries, following the ongoing recovery of tourism activity in those islands. Our Ghana subsidiary has stabilized and has not suffered any further impact from the Debt Exchange since the first quarter.

Overall, the Group recorded profits attributable to shareholders of $786.8 million for the half year ended March 31, 2023. This represents an increase of $58.0 million or 7.96% over the profit reported in the corresponding period of the last financial year. Total assets stood at $114.1 billion at March 31, 2023, an increase of $760.2 million or 0.67% over the total assets at March 2022.

Based on these results, the Board of Directors has declared an interim dividend of $1.10 (2022: $1.05) per share payable on May 31, 2023.

I would like to acknowledge the efforts of all staff of the Group for their continued commitment to providing outstanding service to our clients and communities.

____________________

Vincent Pereira

Chairman

April 28, 2023